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In trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...
Second, the trust must have some "definite beneficiary" [86] – a person or class of persons whose identity can be determined in some fashion. The persons' specific identities need not be "known" at the time the grantor creates the trust; it will be sufficient if the persons can be "readily ascertainable" within a certain time period. [ 87 ]
Trust beneficiaries may also have to deal with tax repercussions too. Depending on trust, money or assets, and the estate laws within the state, a tax payment may be required. For example, if a ...
Image source: Getty Images. 1. You have a number of beneficiaries. The nice thing about a living trust is that it allows you to maintain control over your assets as long as you're alive.
The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income and expenditures.
An irrevocable trust, on the other hand, cannot be changed without a court order or the approval of the trust's beneficiaries. However, assets placed into an irrevocable trust are excluded from ...
So, the beneficiaries must fulfill specific requirements, such as reaching adulthood, to inherit property from the trust. Likewise, the trustee has a role to play, described as follows. Transfer ...
In English law, a purpose trust is a trust created for the fulfillment of a purpose, not for the benefit of a person. These are normally considered invalid by the courts because they have no legally recognized beneficiaries, therefore nobody to enforce the trust, with the exception of charitable trusts, which are enforceable by the Attorney General as they represent the public interest.